Section 6Part 2 — Regulated Mutual Funds
Name of regulated mutual fund restricted
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Authority may refuse to grant a Mutual Fund Licence in respect of a mutual fund with a name that —
is identical with that of any company, firm, business or other entity, whether or not within the Islands, or which so nearly resembles the name of su ch a company, firm, business or entity as to be likely to deceive;
is likely to suggest, falsely, the patronage of or connection with some person or authority, whether within the Islands or elsewhere; or
is likely to suggest, falsely, that the fund has a special status in relation to or derived from the Government or the Crown.
If, in the Authority ’ s opinion, a mutual fund is carrying on, or attempting to carry on business in or from the Islands in a name that the Authority would have refused by virtue of subsection (1), the Authority may direct the mutual fund to change its name to a name approved by the Authority.
The operator of a mutual fund shall ensure that the fund complies with a direction given to it in accordance with subsection (2) , and a person who contravenes this provision commits an offence and is liable on conviction to a fine of two thousand dollars plus one hundred dollars in respect of each day during which the mutual fund failed to comply with the direction.